Earnings per Common Share (Notes)

9 Months Ended

Mar. 31, 2020

Basic earnings per share (“Basic EPS”) is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share (“Diluted EPS”) includes the dilutive effect of stock options and nonvested deferred shares. In the event we report a loss, stock options and nonvested deferred shares are not included since they are anti-dilutive.

The computation of basic and diluted earnings per share is as follows:



	Three Months Ended					Nine Months Ended
	March 31, 2020			March 31, 2019		March 31, 2020			March 31, 2019
	(In thousands, except per share data)
Basic EPS:
Net income (loss)	$	(5,495	)	$	8,933	$	(27,352	)	$	15,170
Weighted average shares outstanding	26,478			26,788		26,781			26,918
Basic earnings (loss) per share	$	(0.21	)	$	0.33	$	(1.02	)	$	0.56
Diluted EPS:
Weighted average shares outstanding – basic	26,478			26,788		26,781			26,918
Dilutive stock options	—			27		—			28
Dilutive nonvested deferred shares	—			602		—			641
Diluted weighted average shares	26,478			27,417		26,781			27,587
Diluted earnings (loss) per share	$	(0.21	)	$	0.33	$	(1.02	)	$	0.55

The following securities are considered antidilutive and have been excluded from the calculation of Diluted EPS:



	Three Months Ended		Nine Months Ended
	March 31, 2020	March 31, 2019	March 31, 2020	March 31, 2019
	(In thousands)
Stock options	18	—	23	—
Nonvested deferred shares	1,023	188	844	152
Total antidilutive securities	1,041	188	867	152